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Wednesday, 15 May 2013

EMED Mining still upbeat about permitting

EMED Mining (LON:EMED, TSE:EMD) is still confident it can start work in Spain next quarter after three months that have been dominated by talk of permitting.

Harry Anagnostaras Adams, EMED’s Managing Director, hopes to begin operations at the Rio Tinto mine in the second quarter.

“Obviously this relies on receiving the requisite permits, the progress of which remains encouraging and steady, albeit slow due to the caution and care being exercised,” he said.

Last month, he told investors EMED was at a “very delicate and exciting stage”, with every effort being made to “expedite the triggering of the project”.

EMED announced that its economic, technical and legal capacities were approved by the regional government, and that it had been formally advised by the Andalucian Department of Industry that the critical Administrative Standing status will also be granted upon independent approval of its tailings dam and the final environmental sign-off.

Subsequently, in a separate announcement, it revealed that it was set to start feasibility work for a possible project to recover gold and silver from tailings material at Rio Tinto.

It comes after the regional authorities concluded a public comment period relating to the recognition of Class B resources, or potentially recoverable resources held within waste material.

Last quarter also included the bailout from Cyprus, where the company held some of its cash.

Though controversial plans were announced to take a percentage from savings accounts on the island, the company claims the levy had no notable impact on it.